Should you BUY A CONDO BEFORE age 35? Josh Tan reacts to "MORE young Singaporeans are BUYING CONDO"
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- čas přidán 19. 07. 2024
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Recently, there was a white paper by ERA that showed that MORE young Singaporeans are buying private property. Age 26-35 now command 35% of the buyer profile!
Today, you'd hear the findings as well as what are the key considerations first before committing to a private property.
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0:00 Introduction
1:00 Rising income
3:34 Plan for home loan
5:03 My findings
7:32 Property as an investment
9:40 Should you buy
#property #propertyguru #invest #investingproperty
We do not make any recommendations on whether a security is a buy/sell as every investor has different investment goals and risk profiles. The presentation of ideas from Josh Tan and TheAstuteParent are strictly for education purposes. You are advised to perform independent research yourself or seek a qualified financial adviser. We will not be liable for any losses directly or indirectly from the material. Some of the referral links in the video summary are products and services personally used by Josh Tan and they may pay an affiliate commission or referral bonus.
It is not an endorsement of the product unless explicitly stated and we will not be liable for any losses. The content in this video and any promotions mentioned is accurate as of the posting date.
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About Josh Tan:
Josh holds a degree in Accounting from NTU. In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips.
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How about the case where a single bought a private and later marry. And, his/her partner later inherit a HDB. Does the HDB need to be sold when inherited?
unlike last time, ABSD may have wipe off approx 10yrs of future profits already...
9:28 "passive income of property just 2-3%" dont forget 2-3% of 4x leverage (assuming 25% LTV) is more than FD or equities which doesnt allow you to leverage as much or at all.
I understand.
Leverage also have cost and some are not cashflow positive
Singapore most grade A commercial office are not cash flow positive..but government name it grade A! Some ptys great in cash flow..with some reason,,some make huge Gain like conservation shophouse, the positive cash flow is also weak..and jack ma’s wife just acquired 3 units. Main question is how the successful able to navigate around ..99% people lose $$$ in ptys based on hearsay..based on emotions..based fomo..exactly same as stock,,even u tell them that’s not the way,,they too lazy to take responsibility and find out..they just love to buy on other’s opinions.
1) So should single buy BTO first or resale HDB or condo first?
2) Is there any disadvantage if single bought condo first?
No hard and fast best answer
Condo as first likelihood will stay in that space. Ensure can comfortably afford
property guru finance just captures all info and in the end says, "Unable to generate the report. Please Try Again"
Ah? I manage to generate a report
Were some fields missing?
i'm one of those young singaporeans. I graduated and worked overseas early on, i'm late 20's now and i'm not allowed to BTO nor buy an EC due to income ceiling. Resale HDB's were an option but since i'm not staying in Singapore for the time being, might as well buy something worthwhile.
The same scenario like yours has been happening since the 80s, nothing new you are experiencing
@@marinekong235 it's nothing new, for sure, but happening on a much larger scale now. That's why property prices are not dropping anytime soon.
I am also one of those who are unable to qualify for BTO or EC. As a result, I went to the private market. I did wish at that time the government would review how the income ceiling is put into consideration. After all, as a young person your income might be high but you're only just starting out so cash wise, it might not be there and not to mention the support we still need to give parents.
you mean you are a high income earner at a young age - well HDB mantra is priority to "low" income earners@@Raygun84
If u can transfer the risk to insurance.
House=500,0000 Yield=5% Year=30
House(30 Year)=500,000*1.05^30
House(30 Year)=2170,000
Payout(30 Year)=10,000,000
{
House(30 Year)=2,170,000
Income(30 Year)=2,830,000(Balance)
Loan(30 Year)=5,000,000
}
Insurance:
Premium=? Yield(30 Year)=1000%
Premium=10,000,000/1000%
Premium=1,000,000
Loan(30 Year)=5,000,000 Yield=5%
Loan=5,000,000/1.05^30
Loan=1,156,000
Loan=1,156,000
{
Premium=1,000,000
Extra=156,000
}
Thank you.
More younger people buying condo, they are taking risk if they are not prepared n take cautious. Think most young people not experienced but just follow. Thinking to buy condo can make more money then HDB. At same showing off their friends.. They may get scams or unable pay loan. 😅Blessing 🙏
I agree
You might wanna consider another reason: young people buy condo because they cannot ballot a hdb after multiple times and needed a home. Not always for investment or stretching themselves only.
Valid point
I want to invest and by early 50, sell and downgrade to hdb
if your young and ur buying condo for investment then you really need to be lucky. picking a property that appreciates also requires luck. not all condos make money
@@juniorjr5328
According to mr loo, upgrade or trade-off?
I support upgrading prudently coz it’s the path I took. Sometimes we just like to preach what we did 😉
If young person or couple that can afford a private property buy it n treat it as home stay n build up its equity for prices will b higher n higher in land scarce Sg.
Yes..but government will control the hdb” upgraders “ not private resi owners..that’s why most kowbeikowbu are Hdb heartlanders..they always play catch up game,,when they can’t catch up..they belongs to “if I have, what if “ gangs..lastly they vote opp parties which meant to be doomed..sad life
It’s a common pov that I’ve tried to debunk. Some situations don’t work out and wealth is lost
@@joshconsultancy I mentioned “treat it as home stay,”, when u treat it as such, u don’t hv to worry about the property market. With time, the property will build up its equity, so buy location,location n location.. nothing to debunk in this situation…😂😂
Bought my landed at 35yrs old back in 2008. Income was in excess of $300k. Networth about 2m then. Just reference for you guys. Married with one child then, Solebreadwinner.
Enough said..those don’t take action and still preach their hdb assets is the best of the best their CPF can see but can’t buy ice cream if the best of the best…woohooo
27M, with a very similar salary and 1M net worth... I am aiming for landed before 30.
Now difficult to find landed. All terrace around $4-5m for newer ones. Hopefully can get a semi detach for $7-8m
Hey Josh.. I am a single who kind of agree with your notion to lower the minimum age to get a HDB in the past, whether resale or BTO. However in the recent months especially with property prices going up to the moon, think about it - if this age is lowered, demand increases whereas supply remain constant, do you think prices will shoot up even further? Your median HDB resale price would be what it is today and perhaps million dollar HDBs will be even more common.
This group of people mentioned in your video has other options other than straight up purchasing, like renting until age 35 to buy HDB. HDB sticks to its policies for reasons benefiting the wider Singaporean population. Therefore I will agree in the past to lower the minimum age to buy a HDB, but not today with economic forces showing its strength.
Pov noted 👍
Property downturn coming
@@wz758not likely, the reverse is true for interest rate is coming down , lack of land in Sg
@@wz758last decade some of my friends told me this..whoooohahaha.. u not one of them right? If yes is 2 decades
Your question, u should study your own question here..u a safe kind work for life just want a small hdb don’t care up down market value since u live in it? Or u an investor with short term plan every 3-5 years exit/ enter with calculated profits. Or u don’t know and rather spend time in CZcams information to gamble and enter your life biggest ticket item which is property ? U missing something in your life..u lack of friends who dwell into properties who entered and exited before and still doing it..u asking someone never active in property fields but just keep analysing2 percent 4 percent ..super risky. Go find some new friends who familiar with property scenes
Allowing younger singles to buy hdb flats would lead to more of your last scenario happening, which would in turn inflate the property market. That is not wise.
That will be some demand temporarily drawn forward only and it will normalize. On the other hand giving 100,000 new PRs more each year that is an example of sustain demand that can inflate markets
Hi😊
Thanks for being first comment 👍
I have been single and would most likely be single until 35 before I can get my own HDB. It would be good if I could buy a condo and when it is time to get a HDB, sell it and the potential profits could fund the down payment of that HDB. But that's on another universe because there are so many hurdles in placed before you could even qualify for a loan, even if you can afford the monthly repayments. For me, its like 10+ years of "wasting" time and opportunity waiting to be 35. 🤣
What if it falls instead
Ya it’s best to plan home with no expectation of profit and there will be more patience for it to really come
@jironghuang4895 you look at our housing market and you will only see it getting more and more expensive and out of reach, not the other way round
@@han-chan872you have to look at the chart. There are periods of sharp drop and lost decade for property market. Keep in mind it's a single asset in a single town in a single country. There's 0 diversification.
@@han-chan872 have to keep in mind of the rising mortgage loan. No point being asset rich but cash poor
HDB is much better, because we get to enjoy the perks from Garmen and also low conservancy fees, utility rebates, property tax etc Also subsidized upgrading which I will be getting in 2025 ^_^
Getting a HDB is like a rental house/rental contract with government. Very hard for it to feel like your own home when you don't own it. You're just renting...
Most condos are 99years now. Freehold ones are either old or crazy expensive. If you can afford a landed hosue, I think this video is not for you. @@Twodaae
Hdb is leech to society according to pap. hdb lose billions per year. Taxing middle class to fund these. Hdb as public housing should forbid for renting out and sell back to the gov only
Nothing wrong for those can’t play catch up game, can’t upgrade and already well passed their capabilities of financial freedom planning..once u done, the mind is logically into government’s small handouts..like those ComCare,,get voucher.. I seldom have friends rely on government hands out or even mentioned anything about it..I also don’t care since is insignificant how this handout impacted my life now n future.. but those don’t know will envy silently and keep advising people not to upgrade but die old with Aging hdb assest which can’t even unblock like private resi..
If 2 singles buy their hdb at 30 yo but decided to get married 2 years later, what do you suggest should happen to their 2 hdb then?
One needs to sell as rule is married couple can only own 1 hdb
no no no!
I still can't understand the condo craze in Singapore. It's all hyped up by the property agents (for their commissions, of course) to drive up property prices in Singapore.
Condos are so tiny! I don't see how anyone can feel dignified living in it. Not that I like how HDB flat prices have been surging over the years due to the government's irresponsible policy of letting the free market to determine prices. But flats are still the way to go if you are the one living inside.
its not their fault, you can only buy HDB after age of 35 if you are single. condo is the only choice.
please dont be so narrow minded and think from only your own perspective
@@user-sf5bt8eb4y you are the one being narrow minded to prevent me
to express my own perspective.
I’m not even referring solely to those who are 35 and above.
facilities, bbq n ambience..the swimming pool and gym just downstairs...
the tiny ones are shoeboxes, most families buy bigger ECs or 3 bedder condos
Scammer releases white paper: More young people getting scammed.
😮
At the end of the day, you need a roof over your head. Buying private is fine for the rich but reaching out and beyond your budget to buy them as an investment is never a good idea. If we ever face a housing crash, you are going to be stuck in a old condo and paying high monthly cost to maintain it.
What buy house for investment when MRT to JB who wants to buy so expensive people rather buy house from JB cheaper
I dont think JB rail will really get singaporeans to stay there and commute over still
How your genting Singapore 😢
The young people are buying with help from their rich parents 😂
Then thats because the rich parents think its a good investment 😂
I’m under 35 single. Bought a two bed central region condo on my own..
@@juniorjr5328what was your biggest motivation to take the step? (feel confident to share, ignore the haters)
@@joshconsultancy grew up in ocr area and I want to move to someplace more centralise when I get my own place. Ever since post covid, hdb four room flats already asking 800-900k for central areas. I havent reach 35 back then so couldn’t get hdb earlier/ Also not keen with those old flat with less lease. Eventually got a condo (albeit much smaller space) since hdb prices are hitting close to 1m
Thanks, Josh for speaking up for singles. 😊. I bought my own flat after my father agreed to Lease Buyback Scheme. I have to think where to live once the Lease Buyback Scheme. My new flat will ease my worries. But if the government were to lower the age, that is better because I cannot afford a condo.
No probs =)
Honestly its stupid to buy a condo as your first house in Singapore. Yeah its a "good investment" but if your house value goes up, so is your next house. Its hard to downsize as a non retired person because of lifestyle inflation and difficulties going to HDB from a private. No matter what, you should buy a BTO first and then think about upgrading to condo or not. Either way, I will prob never retire in a condo since I find the monthly cost not worth your "status". I rather stay in a nice HDB near town and enjoy the extra cash for retiring (travelling and hobbies)
Yes there many rich condo owners that fit your silly categories..we painfully enjoyed the rewards..how’s your assest doing u so far? Does your past holidays sponsored by your “hdb “ assest? Condos we can..u don’t how we do it? Well because u smart🤪
Not everyone can qualify for a BTO.
I don't agree on lowering the age for singles applying hdb. I have 2 sons entering their twenties who believe in singlehood and i fully support their idea. Why focus on housing when you are young. I encourage my son to work hard, play hard, traveling, exploring the world. Twenty is your best year why tight down to one place. Young people nowadays are given so much opportunities embrace it.
Then they can always feel free not not purchase. There are a lot of other singles who might want to have their own place for a variety of reasons before 35, and the most understandable one being staying with toxic parents.
ya as an option but pov noted k
@@laichongchao8266 I get it, but it will be peer pressured to pursue. FOMO